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\begin{tabular}{lc} \hline
 & (1) \\
VARIABLES & FDinv\_mu\_TL\_sBFSR\_t1\_pos\_w\_h \\ \hline
 &  \\
FDhhi & -0.0341 \\
 & (0.0433) \\
Constant & 0.00102 \\
 & (0.00132) \\
 &  \\
Observations & 6,900 \\
R-squared & 0.001 \\
Sector FE & No \\
Year FE & No \\
 Cluster & Sector Year \\ \hline
\multicolumn{2}{c}{ Robust standard errors in parentheses} \\
\multicolumn{2}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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